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FEATURED ARTICLES ABOUT ONGC - PAGE 5

NEW DELHI: The war hots up. Battlelines have been drawn and its now over to Mani versus Raha. The jewel in the crown is set to lose its sheen — ONGC may soon be stripped of its navaratna status if the petroleum ministry's has its way. The ministry has shot off a letter, dated November 7, to the department of public enterprises (DPE) that ONGC should be reverted back under complete government control as the company has refused to sign on the dotted line. The ministry has claimed that ONGC has not signed the annual MoU with the government which every public sector company must sign.

NEW DELHI: A government panel has selected India's largest energy explorer Oil & Natural Gas Corp (ONGC) director-offshore Sudhir Vasudeva to head the state-run company after incumbent RS Sharma retires on January 31 next year. The Public Enterprise Selection Board (PESB), the committee that screens talent for top positions in state-run companies, named Mr Vasudeva, 56, as its first choice after interviewing eight candidates on Tuesday, two officials with direct knowledge of the matter said.

NEW DELHI: State-run Oil and Natural Gas Corp on Thursday said it is looking for acquisition of oil and gas properties in Latin America, CIS (Commonwealth of Independent States) countries and West Coast Africa. "There is hunger for growth and the appetite is huge," ONGC Chairman R S Sharma said. "We are looking for quality acquisitions. We are not going here, there and everywhere. We are going on a concentrated way," he added. ONGC is looking for exploration and producing properties and is in talks for a couple of acquisitions, he said but did not divulge details.

new delhi: ongc and ipcl have inked the new gas supply agreement for the supply of feedstock. prices of ethane propane, the feedstock for ipcl's maharashtra gas cracker complex supplied by ongc, has been revised, a company statement has said. the new price structure is based on a formula having parts ? the c2 price component is based on natural gas price fixed by the government from time to time and c3 component is based on international prices of propane on fob basis.

India's largest profit making company ? Oil & Natural Gas Corporation (ONGC) ? is not likely to generate much excitement when it publishes its June 2008 quarter numbers on Monday. Since the company has to share a chunk of the under-recoveries suffered by the oil marketing companies by offering discounts, it will not gain much from the high crude oil prices during the quarter. For example, during March 2008 quarter ONGC reported a 2% fall in profits, despite a 65% jump in crude oil prices compared to the year-ago period.

MUMBAI: ONGC's claim for last week's fire in Mumbai High will go up to over $350m (over Rs 1522 crore), almost a $100m higher than the initial estimates, insurance industry sources say. The claim would be the biggest ever for an incident in India. This is because ONGC's policy package covers not only the cost of the gutted Mumbai High North platform and offshore service vehicle, but also includes other add ons including measures to curb pollution. Surveyors from the Lloyds market in London are currently at the site.

MUMBAI: ONGC's claim for last week's fire in Mumbai High will go up to over $350m (over Rs 1522 crore), almost a $100m higher than the initial estimates, insurance industry sources say. The claim would be the biggest ever for an incident in India. This is because ONGC's policy package covers not only the cost of the gutted Mumbai High North platform and offshore service vehicle, but also includes other add ons including measures to curb pollution. Surveyors from the Lloyds market in London are currently at the site.

Great Offshore has bagged a lump-sum turn key engineering contract of around Rs 234 crore from Oil & Natural Gas Corporation (ONGC). The engineering procurement installation and commissioning contract involves carrying out engineering, procurement, fabrication, transportation and installation of barge bumpers, boat landings, riser protectors on 79 of the oil major's offshore platforms. The order is scheduled to be completed by middle of 2010.

Gaurang Shah , Asst VP, Geojit BNP Paribas Financial Services in an interview with ET Now talks about ONGC. What is your first pick? The first stock that we have chosen in fact both the stocks that we are going to speak about today are from the oil and gas pack and both are tilted towards the gas vertical more than the oil side of it of course the explosion activities that has helped companies like ONGC to a great extent. With the kind of investments that ONGC plans to do with its subsidiary OVL on the overseas market.

Deepak Mohoni , Director , trendwatchindia.in in an interview with ET Now gives his perspective on ONGC. What would you do with ONGC at a level of Rs 1183 that stock in the past week or two has been showcasing good amount of strength on the upside and has been taking down quite a few resistance levels, do you think there is scope for it to go higher is still more significant than vis-?-vis Reliance? Yes, I should think so it has been one of the stocks that has been propping up the indices quite well though it doesn't really have that much weightage in it anymore because both the indices have the load factor which is very small in ONGC but nevertheless its in a pretty good uptrend, its in a nice long term uptrend for several years.